Brendan Rodgers has previously spoken of his desire to bring in ‘next level’ signings, should Liverpool qualify for next season’s Champions League as is currently expected.
The Reds have missed out on a host of top targets over the past year, including the likes of Henrikh Mkhitaryan, Willian and Mohamed Salah.
Now it seems Gaitan is the next top target, with Rodgers sending scouts to watch him in action during Benfica’s domestic campaign.
The Reds boss has instructed his scouts to keep an eye on the Argentine from now until the end of the season.
Manchester United have been strongly linked with a move for Gaitan over the past couple of years, and reportedly came close to signing him in the summer of 2012.
But the Reds reckon they can pip their great rivals to his signature, considering they are far more likely to be able to offer Champions League football next season.
Benfica are said to be unwilling to accept any offers below £16million for the winger, whose contract expires in 2016.
26-year-old Gaitan has won six caps for Argentina.